Answers
MAC3703 ASSIGNMENT 2 FIRST SEMESETER OF 2020
- Module
- Institution
- Book
Detailed Assignment 2 with clear calculations and explanaitons
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
Seller
Follow
Ian09
Reviews received
Content preview
𝑴𝑨𝑪 𝟑𝟕𝟎𝟑 𝑨𝑺𝑺𝑰𝑮𝑵𝑴𝑬𝑵𝑻 𝟏 𝑺𝑬𝑴 𝟏 𝟐𝟎𝟐𝟎Question 1
a) Penetration pricing strategy: the firm charges low prices for the product at inception to
attain quick acceptance on the market and gain market share. The firm depends on large
volumes at low margins on the sales of the product. The appeals to a large population of low
income earners.
Skimming Pricing Strategy: the firm charges high prices for the product at the launch phase.
The notion behind this is to create an image of high prestige for the product or an
impression of high quality and to differentiate the product from other substitutes in the
market. This can also be motivated by recovery of high research and development costs
b) It’s recommended that the firm adopts the penetration pricing strategy since the market is
highly competitive hence should include low income earners. This will be compatible with
the objective of the firm to increase sales during the lockdown where the income is
generally low.
c) Just In Time: this purchasing system entails purchasing of raw materials when there is an
order put by the customer. The system eliminates storage costs and minimizes operating
costs but however has some requirements for it to be functional. The firm must have
adequate idle capacity ready for customer orders, highly multi-skilled workers and reliable
suppliers. The system prepares management for production process under conditions of
pressure and alludes to efficiency.
Question 2
a. Critical Path Analysis: the minimum time expected to be taken to complete a project
Critical Path is 90 days
Calculation of critical path
See the diagram below:
, 30
30 D 10 40
F
0
A
30
30
E
60
90
G
20
50
B 0 50
C
The critical path is 90 days in red
b. The project owner is basically the head of the project or business unit in question. The
project owner provides leadership towards completion of the project his role includes:
Assisting the project manager with the leadership of the team
Liaises between the project team and other stakeholders to the project.
Monitors the progress of the project and ensure attainment of project objectives
and is directly affected by the outcome of the project
The project Sponsor
The Sponsor is the highest change leader for the project team who is responsible for innovation of
ways of doing the job. The sponsor assists the project manager with facilitating problem solving and
exercises strategic control to ensure project objectives are attained. Among other the sponsor is
responsible for:
Verifying the needs/requests presented by the project team, ensures validity and priority
and does the documentation.
Ensures the project delivers the planned benefits
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Ian09. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £9.00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76669 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now